Zimbabwe's Spiraling Inflation

Zimbabwe's central bank will introduce a $50 billion note just enough to buy two loaves of bread this is a due to the cash shortages during the spiraling inflation. Zimbabwe is grappling with hyperinflation now officially estimated at 231 million percent, and its currency is fast losing its value. As of Friday, one U.S. dollar was trading at around ZW$25 billion. Three weeks ago a 10 billion dollar not could buy 20 loaves of bread. Due to the worthlessness of there currency most good and services are charged in foreign currency. Zimbabwe is in the middle of and extreme economic crisis with an unemployeement rate of more than 80 percent and many families can't even afford a square meal. The new notes are seen as useless because noone accepts the currency because it loses its value almost 100 percent daily.






(1/10/09). Zimbabwe introduces $50 billion note. Retrieved January 10, 2009, from cnn.com/world Web site: http://www.cnn.com/2009/WORLD/africa/01/10/zimbawe.currency/index.html?iref=mpstoryview